CAPITAL GAIN TAX 21-22
This query is : Resolved
Quick Summary
30 January 2022
I HAVE PURCHASED LAND ON 24.01.2013. I HAVE CONSTRUCTED ON THE SAME LAND IN F Y 18-19, 19-20 & 20-21. SAME BUILDING SOLD IN F Y 21-22. NOW I REQUEST YOU TO KINDLY SUGGEST HOW TO CALCULATE TAX SUCH AS SHORT TERM CAPITAL GAIN OR LONG TERM CAPITAL GAIN.
30 January 2022
as the land is purchased as on 2012-13, the same can be treated as long term Capital Asset and any gain or loss arising out of that transactions is treated as Long Term capital loss/Gain
31 January 2022
Initial investment on land will be LT.
While cost of improvement which has not completed 2 years will be short term.
While cost of improvement which has not completed 2 years will be short term.
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